V-Con, an arm of the Videocon Group, is aiming to become one of the top three players in the close circuit television (CCTV) market, according to a top executive.
V-Con had recently forayed into the security and surveillance market with the roll-out of its CCTV brand ‘Wallcam.’ According to The Hindu, Arvind Bali, chief executive officer, V-Con Intelligent Security Pvt. Ltd said that “Currently, we are present in 14 cities, mainly in the North. We will be entering Mumbai and New Delhi in December and Chennai in January 2018.”
“We are a new entrant in this segment and hence the awareness about our product among consumers is less. We are going to take the next big leap by April through brand endorsement, TV commercials and new roll out. We are going to price our products aggressively, so that they would be affordable to all,” Mr. Bali added.
According to him, the Security and Surveillance market is valued at ₹6,600 crore, of which CCTV comprises ₹3,650 crore (55 percent). with a growth rate of 28 percent to 32 percent. It was predominantly occupied by Chinese firms (about 80-90 percent) and rest by a handful of Indian firms. The retail CCTV market size is approximately 15 percent (₹550 crore).
“We started this business from zero. We will be a pan India company by April. Our idea is to capture 10 percent market share in the first year of operation 2018-19 and achieve double digit growth by 2021-22. In the first year 2018-19, we will do ₹70-80 crore and by 2021-22 we are targeting a revenue of ₹1,050 crore,” he said.
Asked about the growth plans, Mr. Bali said the CCTV market was expected to grow by approximately 26 percent year-on-year, to reach ₹9,150 crore by 2021. “For Videocon, the growth engine will be the retail segment addressing household and small commercial setups, which is likely to grow by 3.5 times and contribute to ₹1,925 crore by 2021,” he added.
Videocon would address both retail and enterprise segments. The brand has products for all segments including simple plug and play products for household segment, and high-end products for complex needs of large corporates and government sector with cloud storage and secure remote access.
India is on its way to develop its first ‘100 Smart Cities’. With more and more smart city projects set for roll-out, the general awareness of video surveillance is likely to grow further and hence the demand, he said.
